Globant (NYSE:GLOB) Price Target Cut to $170.00 by Analysts at Scotiabank

Globant (NYSE:GLOB) had its price target lowered by Scotiabank from $220.00 to $170.00 in a report published on Monday,Benzinga reports. The firm currently has a sector perform rating on the information technology services provider’s stock.

GLOB has been the subject of a number of other reports. JPMorgan Chase & Co. decreased their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday. Canaccord Genuity Group reduced their target price on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research note on Monday. Jefferies Financial Group raised their target price on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Needham & Company LLC reduced their target price on Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research note on Friday. Finally, Susquehanna started coverage on Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.06.

Globant Trading Up 1.5 %

Shares of Globant stock opened at $154.03 on Monday. The business has a 50-day moving average price of $214.07 and a two-hundred day moving average price of $210.96. Globant has a 1-year low of $151.38 and a 1-year high of $238.32. The company has a market cap of $6.64 billion, a P/E ratio of 41.41, a PEG ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Equities research analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

Hedge funds have recently modified their holdings of the company. Centricity Wealth Management LLC bought a new position in shares of Globant during the 4th quarter worth approximately $38,000. Kestra Investment Management LLC bought a new position in shares of Globant during the 4th quarter worth approximately $38,000. Wilmington Savings Fund Society FSB bought a new position in shares of Globant during the 3rd quarter worth approximately $40,000. Van Berkom & Associates Inc. bought a new position in shares of Globant during the 4th quarter worth approximately $45,000. Finally, Signaturefd LLC lifted its position in shares of Globant by 46.0% during the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after buying an additional 92 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.